Palatin Technologies, Inc. (PTN) Shares Up 8.3%

Shares of Palatin Technologies, Inc. (NYSE:PTN) shot up 8.3% during mid-day trading on Friday . The stock traded as high as $0.65 and last traded at $0.65. 2,023,814 shares traded hands during mid-day trading, an increase of 37% from the average session volume of 1,473,580 shares. The stock had previously closed at $0.60.

PTN has been the topic of several recent analyst reports. Canaccord Genuity reiterated a “buy” rating and set a $6.00 target price on shares of Palatin Technologies in a research report on Thursday, June 1st. Zacks Investment Research downgraded Palatin Technologies from a “hold” rating to a “sell” rating in a research report on Saturday, July 29th.

The firm’s market cap is $99.32 million. The firm has a 50-day moving average of $0.45 and a 200-day moving average of $0.40.

An institutional investor recently raised its position in Palatin Technologies stock. National Asset Management Inc. lifted its holdings in Palatin Technologies, Inc. (NYSE:PTN) by 46.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 315,000 shares of the biopharmaceutical company’s stock after buying an additional 100,000 shares during the period. National Asset Management Inc. owned about 0.23% of Palatin Technologies worth $104,000 as of its most recent SEC filing.

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Palatin Technologies Company Profile

Palatin Technologies, Inc is a biopharmaceutical company. The Company is engaged in developing targeted, receptor-specific peptide therapeutics for the treatment of diseases with significant unmet medical need and commercial potential. Its programs are based on molecules that modulate the activity of the melanocortin and natriuretic peptide receptor systems.

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